Despite Penney’s approach, Mr. Cornell “never expressed any interest” in taking command there, one of the people said Friday. The executive didn’t see Penney as having a very strong future, according to this person.

Mr. Cornell decided that “Target is a stronger brand with much more upside potential” than Penney, the person said. “Target is an extraordinary American brand.”

Before his Target debut, Mr. Cornell will begin shopping for a Minneapolis home. He and his wife intend to keep their residence near Westport, Conn., which has a bit of a water view, as a getaway.

Some Target watchers expect Mr. Cornell to bolster his management team by recruiting outside executives. But the incoming CEO hasn’t made any such decisions and plans to spend a few months getting to know Target’s current management, the person familiar with the matter said.

“The entire leadership team has a great reputation,” the person said. “The board is satisfied with the talent that’s in place.”